A.C.I.T.,CENTRAL CIRCLE-1(2), KOLKATA vs. M/S ESTIN TIE UP PVT. LTD., KOLKATA

In the result, the two cross appeals filed by the assessee as well as the Revenue are partly allowed for statistical purposes

Bench: Shri Duvvuru Rl Reddy & Shri Rakesh Mishra

13,95,37,572/- and the total consideration u/s 50C of the Act was adopted at ₹90 Crore making the total long-term capital gains of ₹76,04,62,428/- which was added as long term capital gains along with the income from business and profession shown at ₹1,23,304/- and the income from short-term capital gains

SHUVRO CHATTARAJ,KOLKATA vs. PCIT , BURDWAN

In the result, the appeal of the assessee is partly allowed

Bench: Shri Rajpal Yadav & Shri Rakesh Mishraassessment Year: 2015-16

section 49(1), the cost of acquisition and period of holding of the donor are considered in the hands of donee. Thus the Ld. PCIT erred on fact that the property is not a long term asset when the same was acquired in 1998. The Ld. PCIT erred on law that the capital gains arising on such long term capital

RAI BHAGWAN DAS BAGLA BAHADURS MARWARI HINDU HOSPITAL,KOLKATA vs. I.T.O., WARD - 49(3) NOW, I.T.O., WARD - 44(2), KOLKATA, KOLKATA

In the result, the appeal of assessee is allowed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm Rai Bhagwan Das Bagla Ito, Ward-49(3), Bahadurs Marwari Hindu 3, Govt. Place (West), Hospital Kolkata-700001, Vs. 1, R.N. Mukherjee Road, Martin West Bengal Burn House, Kolkata-700001 (Appellant) (Respondent) Pan No. Aactr1297C Assessee By : Shri Soumitra Choudhary, Ar Revenue By : Shri Prabhakar Prakash Ranjan, Dr Date Of Hearing: 05.12.2024 Date Of Pronouncement : 19.12.2024

13. We have heard the rival submissions, perused the material available on record and seen the computation of capital gains under section 48 of the Act. Sub-clause (i) of that Section states that expenditure incurred wholly and exclusively in connection with the transfer of capital asset has to be deducted from full value consideration received or accruing. Preamble

SAROJ BAID,KOLKATA vs. ITO, WARD 36(3), KOLKATA, KOLKATA

In the result, both the appeals of the assessee are dismissed

Bench: Shri Sanjay Garg, J & Dr. Manish Borad

section 10(38) of I.T. Act 1961 for long term capital gain of Rs. 68,87,029/- earned by your appellant on sale of 26000 shares of NCL Research & Financial Services Ltd. (3) Ld. Income Tax Officer has erred in law as well in fact in denying conclusion on transaction of so called penny stocks without providing to your appellant

SAROJ BAID,KOLKATA vs. ITO, WARD - 36(3), KOLKATA, KOLKATA

In the result, both the appeals of the assessee are dismissed

Bench: Shri Sanjay Garg, J & Dr. Manish Borad

section 10(38) of I.T. Act 1961 for long term capital gain of Rs. 68,87,029/- earned by your appellant on sale of 26000 shares of NCL Research & Financial Services Ltd. (3) Ld. Income Tax Officer has erred in law as well in fact in denying conclusion on transaction of so called penny stocks without providing to your appellant

M/S. GATEWAY FINANCIAL SERVICES LTD., ,KOLKATA vs. ACIT, CC - 3(1), KOLKATA , KOLKATA

In the result, all the appeals of the assessee(s) are allowed as per the terms indicated hereinabove

Bench: Sri Sanjay Garg & Dr. Manish Borad

13 of the assessment order has relied upon SEBI Order No. WTM/RKA/ISD/161/2014 Dated 19 December 2014 while treating the Long Term Capital Gain as bogus. The appellant relies on the order of the Hon'ble ITAT Delhi Bench in the case of Sri. Mukesh Mittal Vs. Income Tax Officer, Ward-41(1), New Delhi dated 26.03.2021 passed

PINKY AGARWAL ,KOLKATA vs. ACIT, CC-3(1), KOLKATA , KOLKATA

In the result, all the appeals of the assessee(s) are allowed as per the terms indicated hereinabove

Bench: Sri Sanjay Garg & Dr. Manish Borad

13 of the assessment order has relied upon SEBI Order No. WTM/RKA/ISD/161/2014 Dated 19 December 2014 while treating the Long Term Capital Gain as bogus. The appellant relies on the order of the Hon'ble ITAT Delhi Bench in the case of Sri. Mukesh Mittal Vs. Income Tax Officer, Ward-41(1), New Delhi dated 26.03.2021 passed

M/S. NISHIT AGARWAL BENEFICIARY TRUST ,KOLKATA vs. ACIT, CC - 3(1), KOLKATA , KOLKATA

In the result, all the appeals of the assessee(s) are allowed as per the terms indicated hereinabove

Bench: Sri Sanjay Garg & Dr. Manish Borad

13 of the assessment order has relied upon SEBI Order No. WTM/RKA/ISD/161/2014 Dated 19 December 2014 while treating the Long Term Capital Gain as bogus. The appellant relies on the order of the Hon'ble ITAT Delhi Bench in the case of Sri. Mukesh Mittal Vs. Income Tax Officer, Ward-41(1), New Delhi dated 26.03.2021 passed

PRATIK AGARWAL BENEFICIARY TRUST ,KOLKATA vs. ACIT, C.C.-3(1), , KOLKATA

In the result, all the appeals of the assessee(s) are allowed as per the terms indicated hereinabove

Bench: Sri Sanjay Garg & Dr. Manish Borad

13 of the assessment order has relied upon SEBI Order No. WTM/RKA/ISD/161/2014 Dated 19 December 2014 while treating the Long Term Capital Gain as bogus. The appellant relies on the order of the Hon'ble ITAT Delhi Bench in the case of Sri. Mukesh Mittal Vs. Income Tax Officer, Ward-41(1), New Delhi dated 26.03.2021 passed

RUSSEL CREDIT LIMITED,KOLKATA vs. PCIT, KOL, KOLKATA

The appeal of the assessee is allowed

Bench: Shri Rajpal Yadav & Shri Sanjay Awasthiassessment Year: 2018-19

10, Kolkata [PCIT] could have exercised his powers under section 263 of the Act. In our considered view, the tribunal has elaborately examined this issue, taken note of the decision of the Hon'ble Supreme Court in Malabar Industrial Co. Ltd. vs. CIT [2000] 243 ITR 83 [SC] and allowed the appeal. Further, the tribunal has noted that the assessing

ZAFAR IQBAL,SILIGURI vs. DCIT, CIRCLE - 1, SILIGURI, SILIGURI

In the result, the appeal filed by the assessee is partly allowed for\nstatistical purposes

13,588/-. The Ld. AO\ndenied the exemption on the ground that the assessee did not keep the\namount of Long Term Capital Gain in Capital Gain Account Scheme,\n1988, before the date of filing of return u/s 139(1) of the Act. The Ld.\nAO was also of the view that the amount paid to the occupants

SAROJ GOENKA,KOLKATA vs. I.T.O., WARD - 30(1), KOLKATA

In the result, the appeal of the assessee is allowed

capital gain derived from sale of shares was\nclaimed exempt u/s 54F of the Act. The AO however denied the\nexemption on three grounds. The first and foremost reason given by\nthe AO is applicability of proviso to Section 54F(1) of the Act. The\nproviso below sub-section (1) of Section 54F lays down certain\ndisqualification for claiming exemption

BANI BROTO BANERJEE ,KOLKATA vs. CIT(A), KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Rajesh Kumari.T.A. No. 520/Kol/2023 Assessment Year: 2014-2015 Bani Broto Banerjee,…………………..…………Appellant Sanskriti, Flat – 3A, 148, Rashbehari Avenue, Near Deshapriya Park, Kolkata-700029 [Pan:Abppb0424P] -Vs.- Commissioner Of Income Tax (Appeals),……Respondent Aayakar Bhawan Dakshin, 2, Gariahat Road (South), Kolkata-700031 Appearances By: Shri Akshay Ringasia, C.A., Appeared On Behalf Of The Assessee Smt. Ranu Bisws, Addl. Cit, Sr. D.R., Appeared On Behalf Of The Revenue Date Of Concluding The Hearing : September 24, 2024 Date Of Pronouncing The Order : November 18, 2024 O R D E R

section 48 of the "Act". Therefore, the CIT(A) has rightly accepted the assessee's contention and deleted the addition made by the Assessing officer. Hence, qua this ground, we uphold the order of the CIT(A). 7. Subsequently this judgment and certain other judgments have also been considered by the Hon’ble ITAT, Delhi in ITA No. 6620/DEL/2019, order

ORIENTAL CHARITABLE FOUNDATION,KOLKATA vs. CIT(EXEMPTIONS), KOLKATA

In the result, the appeal of the assessee is partly allowed

Bench: Shri Rajpal Yadav & Shri Rakesh Mishraassessment Year: 2017-18

gains etc. while the income of the trust is to be computed as per the normal commercial principles by considering the receipt and expenditure for the relevant period. It is also stated that out of total receipts received in the relevant year at Rs.68,41,927/-, only Rs. 80,000/- was on account of donations received and a substantial

DCIT, CIR-8, KOLKATA ,KOLKATA vs. OBEROI HOTELS PVT. LTD. , KOLKATA

Bench: Shri. Rajesh Kumar () & Shri Anikesh Banerjee ()

13-03-2024 Date of pronouncement 30 -05-2024 O R D E R Per Bench: All three appealsare filed by the assessee and the revenue against the order of the ld. Commissioner of Income-tax (Appeals)-VIII, Kolkataorder passed under 2 ITA 489/Kol /2005 ITA 1808/Kol /2006 ITA 1811/Kol /2006 Oberoi Hotels (P) Ltd section 250 of the Income

OBEROI HOTELS PRIVATE LIMITED.,KOLKATA vs. DCIT,CIR-8, KOLKATA, KOLKATA

Bench: Shri. Rajesh Kumar () & Shri Anikesh Banerjee ()

13-03-2024 Date of pronouncement 30 -05-2024 O R D E R Per Bench: All three appealsare filed by the assessee and the revenue against the order of the ld. Commissioner of Income-tax (Appeals)-VIII, Kolkataorder passed under 2 ITA 489/Kol /2005 ITA 1808/Kol /2006 ITA 1811/Kol /2006 Oberoi Hotels (P) Ltd section 250 of the Income

OBEROI HOTELS PRIVATE LIMITED,KOLKATA vs. DCIT,CIR-8, KOLKATA. , KOLKATA

Bench: Shri. Rajesh Kumar () & Shri Anikesh Banerjee ()

13-03-2024 Date of pronouncement 30 -05-2024 O R D E R Per Bench: All three appealsare filed by the assessee and the revenue against the order of the ld. Commissioner of Income-tax (Appeals)-VIII, Kolkataorder passed under 2 ITA 489/Kol /2005 ITA 1808/Kol /2006 ITA 1811/Kol /2006 Oberoi Hotels (P) Ltd section 250 of the Income

NAMOKAR BUILDERS PVT. LTD.,KOLKATA vs. D.C.I.T., CENTRAL CIRCLE -2(1), KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajpal Yadav & Shri Rajesh Kumar, Am]

13. We have also perused carefully the facts of the decisions passed by the Coordinate Benches in the case of Gateway Financial Services Ltd. (supra) and Raigarh Jute & Textile Mills Pvt. Ltd. (supra) and find that the facts of the assessee’s case are substantially similar to that in the above cases as decided by the Coordinate Benches. We also